I recently ran across an article about the couple below that left me completely irritated about millennial marriages and marriages in general when it comes to financial communication.
The highly attractive couple shown here were recently featured in Business Insider via Yahoo Finance. In the feature, the wife recounted the time she realized that her husband saves a much higher percentage of his individual income than she does her individual income—three times higher to be exact.
After coming to this realization, she finally gets her bearings and decides that she will up her 2 percent retirement contributions to 8 percent with the eventual hope of reaching the 12 percent milestone that her husband is currently at.
This may seem like the end of the story and a happy ending, but I can’t help but wonder why her husband was so oblivious to this massive miscommunication problem as it relates to their long-term financial future.
Other than purchasing a house (the reason for his wife’s great discovery happened), the husband in this relationship has done nothing to truly unite himself with his wife. He’s done nothing to visibly prepare his marriage to last the long haul, at least in terms of finances.
Given that the number one reason for divorce in North America today is money fights and money problems, I hope this couple really improves their financial communication. As a fellow millennial, I want their marriage to thrive financially. Not just for the wealth, but for the dreams.
As a world-famous John Maxwell says, “Teamwork makes the dream work!”
The following chart shows what a current median-age, median-income household in each Alabama county will have saved for retirement by age 67. The most recent median age data was collected from the U.S. Census Bureau, and the most recent median household income (HHI) was collected from the Alabama Center for Business and Economic Research. Annualized rate of return of investing is set at 9 percent inside a tax-free growth Roth IRA, Roth 401(k), or Roth 403(b). The savings rate per year is set at 15 percent of median household income. The assumption is that each median household starts with zero saved in retirement, and that each median household never gets an annual pay raise.
Let’s dream a little bit. Most people think more about their next vacation than they ever think about retirement. But I believe that’s mostly because people get sidetracked by the numbers and forget the dreams.
So leave a comment and share what your retirement dreams are. For your participation, one lucky commenter will win a free copy of the #1 New York Times Bestselling book, Retired Inspired.